Section 18

dengan menggantikan subseksyen (1) dengan subseksyen yang berikut:

“(1) This section shall apply—

for ascertaining the adjusted income for the basis period for a year of assessment from the takaful business of a takaful operator; and

to a takaful operator who has an adequate number of full time employees and has incurred an adequate amount of annual operating expenditure in Malaysia as prescribed by the Minister.”;

dalam subseksyen (2)—

dengan menggantikan perenggan

dengan perenggan yang berikut:

“(b) where the takaful operator carries on a re-takaful business, the re-takaful business and the general takaful business (excluding the re-takaful business) shall be treated as separate general takaful businesses;”;

dengan menggantikan subseksyen (6) dengan subseksyen yang berikut:

“(6) The adjusted income of the re-takaful fund or family re-takaful fund for the basis period for a year of assessment in respect of re-takaful business, or family re-takaful business respectively of a takaful operator resident for the basis year for that year of assessment shall consist of an amount arrived at by applying subsection (5) and references in that subsection to—

“general takaful certificate” shall be construed as references to “re-takaful contract” or “takaful certificate in relation to its family re-takaful business”, as the case may be;

“general takaful business” shall be construed as references to “re-takaful business” or “family re-takaful business”, as the case may be; and

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Undang-Undang Malaysia

“reserve fund for unexpired risks” and “takaful operator” shall, in the case of family re-takaful business, be construed as references to “actuarial valuation reserve” and “family takaful operator”

respectively:

Provided that in the case of re-takaful business, no deduction shall be allowed on any share of profits distributed or credited to the takaful participant or shareholders’ fund for that period out of any of the takaful operator’s fund, as the case may be.”;

dengan menggantikan subseksyen (8) dengan subseksyen yang berikut:

“(8) The adjusted income of the re-takaful fund, or family re-takaful fund for the basis period for a year of assessment in respect of re-takaful business or family re-takaful business respectively of a takaful operator not resident for the basis year for that year of assessment shall, where that business is wholly or partly carried on in

Malaysia, consist of an amount arrived at by applying subsection (7) and references in that subsection to—

“Malaysian general takaful certificate” shall be construed as references to “re-takaful contract” or

“Malaysian takaful certificate in relation to its family re-takaful business”, as the case may be;

“general takaful business” shall be construed as references to “re-takaful business” or “family re-takaful business”, as the case may be; and

“reserve fund for unexpired risks” and “takaful operator” shall, in the case of family re-takaful business, be construed as references to “actuarial valuation reserve” and “family takaful operator”

respectively:

Kewangan 23

Provided that in the case of re-takaful business, no deduction shall be allowed on any share of profits distributed or credited to the takaful participant or shareholders’ fund for that period out of any of the takaful operator’s re-takaful fund, as the case may be.”;

dalam subperenggan (9)(a)(iii), dengan memotong perkataan

“inward” dan “offshore fund”;

dalam subperenggan

, dengan memotong takrif

“inward re-takaful”, “inward re-takaful contract” dan

“offshore takaful”.

Pemotongan seksyen 60B